Japanese Candlesticks Analysis 24.12.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Engulfing and Doji, close to the support area, XAUUSD may reverse and resume growing towards the resistance level. In this case, the upside target will be at 1925.00. At the same time, an opposite scenario implies that the price may start another decline to return to 1850.00 before resuming its growth.
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, after finishing the correction within the uptrend and forming a Hammer pattern close to the horizontal support level, NZDUSD is reversing. The upside target remains at the resistance area at 0.7170. However, an alternative scenario implies that the price may start a new pullback towards 0.7050 before resuming the ascending tendency.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the asset is moving within the uptrend. Right now, after forming several reversal patterns, such as Hammer, not far from the support area, GBPUSD is reversing. The upside target is at 1.3655. After that, the instrument may break the resistance level and continue moving upwards. Still, there might be an alternative scenario, according to which the asset may return to 1.3355 before further growth.